CHANCELLOR KWASI KWARTENG ANNOUNCES BIGGEST TAX CUTS SINCE 1972

Chancellor Kwasi Kwarteng has today outlined a series of tax cuts and economic measures designed to jump-start the economy, these are the biggest tax cuts since 1972. The main measures from his (not so) Mini-Budget announcement are: 

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• The planned Corporation tax increase from 19% to 25% has been cancelled

• Basic rate of income tax will be cut to 19p from April 2023

• Higher income tax rate of 45% to be abolished (although this will not apply in Scotland)

• The recent rise in NI contributions will be reversed from 6 November

• Energy price guarantee

• The cap on bankers’ bonuses scrapped

• The planned increase in alcohol duty cancelled

• New low-tax investment zones in England

• There will be tightened restrictions on strike action

 

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